Mercedes-Benz Finance
Who else wants a Mercedes-Benz? Learn about your financing options now.
Key takeaways
- Dealership financing for Mercedes-Benz vehicles offers convenience but may come with higher interest rates and less flexibility compared to other lenders.
- Exploring bank or online lender options could provide more competitive rates and terms, potentially saving you money over the life of the loan.
- Securing pre-approval from an external lender can strengthen your negotiating position at the dealership and help you stay within your budget.
Mercedes-Benz's company tagline “The Best or Nothing” is very much in line with its brand. The sleek and stylish cars with the iconic logo on the hood are more than enough to convince you that it’s all about luxury, with prices to match. At the time of writing, a A-Class Seda will set you back $63,784 drive-away whereas the Mercedes-Maybach S 680 will cost you an astounding $574,000 before on-road costs.
This guide will take you through what options you have to finance a Mercedes-Benz.
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How can you finance a Mercedes-Benz?
There are a few ways to finance a Mercedes in Australia - each with its own pros, cons and quirks. Whether you're buying through a dealership or sorting your own loan online, here's what to expect.
Dealer finance through Mercedes-Benz Financial Services
Many buyers go straight to the dealership and take out a loan with Mercedes-Benz Financial Services. These are secured car loans that let you borrow up to the full value of the car (sometimes even with no deposit), with flexible terms and optional balloon payments to lower your monthly costs. You usually apply for this at the dealership during the buying process.
Secured car loans from banks or online lenders
You're not locked into dealership finance. Many banks and non-bank lenders offer secured car loans for Mercedes-Benz vehicles - often with lower comparison rates than what you'll find at the dealership. You get the cash, buy the car, and repay the lender in instalments. Most require the car to be under 5 or 7 years old and in good condition.
Unsecured personal loans
If you're buying a second-hand Mercedes from a private seller or want more flexibility, an unsecured personal loan could work. You won't need to use the car as security, but you'll likely pay a higher interest rate. These loans can also be faster to approve.
Lease and novated lease options
Business buyers and salary earners can also explore leasing. With a finance lease, the lender buys the car and you rent it for a fixed term. A novated lease lets you package a Mercedes into your salary, potentially lowering your taxable income - if your employer offers this.
How do you decide how to finance your Mercedes-Benz?
Choosing between loans and lenders can be difficult. However, there’s a variety of features that can sway your choice. Some of these features are:
- Repayment flexibility. Whether you can tailor your repayments to your income schedule is a major factor when choosing between lenders. This feature usually offers weekly, fortnightly or monthly options.
- Fees (upfront and ongoing). If you’re unable to find any information about the fee structure and what you’ll be paying, this is a good indication that there’s either a steep dishonour fee or a heavy application fee. Keep an eye out!
- Balloon repayments. This is where a lump sum is to be paid out at the end of your loan term. This sum can be upwards of $5,000 and lowers your payments over the duration of the loan.
- Interest rates. Interest rates are another feature to look out for. Look at the comparison rate, as this rate indicates the true cost of the loan over time.
Mercedes lease vs loan: Which is better?
There's no right or wrong answer - it really comes down to what you want from the car and how long you plan to keep it. Here's how the two options stack up:
| Feature | Lease (e.g. finance or novated) | Loan (buying the car) |
|---|---|---|
| Ownership | You don't own it unless you buy it at the end | You own the car once the loan is repaid |
| Upfront cost | Establishment fee | May need a deposit |
| Monthly cost | Lower, especially with balloon/residual | Higher unless you stretch the loan term |
| End of term | Return, refinance, or buy it | Keep or sell the car |
| Tax benefits | Potential tax deductions for business or salary packaging | Limited to business use claims |
| Best for… | People who upgrade often or want lower monthly costs | People who want full ownership or plan to keep the car long-term |
You may want to choose a lease if
- You want a newer car more often
- You're salary packaging or buying for business
- You don't want the hassle of selling the car later
You may want to choose a loan if
- You want to eventually own the car outright
- You plan to keep it for 5+ years
- You don't like restrictions on kilometres or car modifications
Frequently asked questions about financing a Mercedes-Benz
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